Allianz said to be bidding for Nicholas-Applegate

Allianz, the German financial services provider, is believed to be the front runner in the bidding for Nicholas-Applegate, the privately-owned US institutional asset management company.

Emilio Galli-Zugaro, head of global corporate communications in Munich, said: &quotOur ambition is to become the fifth largest asset management company globally. At the moment we are in sixth place. Our aim is to have an as broad a investment product range as possible with both value and growth styles.&quot He declined to comment specifically...